Greybull Capital in talks to buy Monarch stake

By TESTCustomwebLP TESTCustomwebLP
September 22, 2014 14:47

Several firms have been named in connection with the purchase of the Mantegazza family’s stake in Monarch Airlines Group. Greybull Capital, the fund that backed UK electrical retailer Comet before its collapse, has emerged as the front runner with market rumours suggesting a £70 million price tag. Elliott Advisors, Better Capital and Towerbrook have also been linked.

Monarch Airlines has been seeking a cash injection for some time now. It’s owning family has pumped £120m into the business over the last five years. An additional cash injection will allow the new CEO Andrew Swaffield to continue with efforts to restructure the business into a schedule airline.

It is understood that administrators at PwC are standing by if this deal falls through.